Table IV. Fully modified least squares...

Table IV.

Fully modified least squares (FMOLS) estimate of the long-run determinants of real house prices. Period estimated 1986Q1- 2016Q4

Variable	Coefficient	Standard error	t-statistic	Prob.
RDISP	0.88	0.04	20.14	0.00*
ATMR	−0.02	0.01	−2.24	0.03*
STOCKS	0.19	0.05	3.65	0.00*
UNEMPLOYMENT	0.001	0.01	0.01	0.99
REER	−1.71	0.11	−15.09	0.00*
R-squared	0.88	Mean dependent var		5.10
Adjusted R-squared	0.87	S.D. dependent var		0.36
S.E. of regression	0.13	Sum squared resid		1.89
Long-run variance	0.04

Variable	Coefficient	Standard error	t-statistic	Prob.
RDISP	0.88	0.04	20.14	0.00*
ATMR	−0.02	0.01	−2.24	0.03*
STOCKS	0.19	0.05	3.65	0.00*
UNEMPLOYMENT	0.001	0.01	0.01	0.99
REER	−1.71	0.11	−15.09	0.00*
R-squared	0.88	Mean dependent var		5.10
Adjusted R-squared	0.87	S.D. dependent var		0.36
S.E. of regression	0.13	Sum squared resid		1.89
Long-run variance	0.04

Notes:

All variables are expressed in logs except Real After-Mortgage Rate, ATMR, and UNEMPLOYMENT; *indicate significance at 1% level

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